How it started
1990s: Midas Fondsmæglerselskab
Lars Seier Christensen and Kim Fournais formed Midas Fondsmæglerselskab after meeting in London in the early 1990s. Christensen was then a broker for Gerald Metals, while Fournais worked at the now-defunct Lannung Bank. The founders later described their partnership as the meeting of business soulmates. The company's initial capital was approximately $80,000.
In the autumn of 1996, Danish businessman Karsten Ree accused Midas of misleading him into making fictitious investments through its wealth management services.
2000s
In 1997, Midas introduced its first internet-based product, a currency trading platform called MITS, which was later replaced by SaxoTrader. The company rebranded as Saxo Bank, taking its name from the Danish historian Saxo Grammaticus, to avoid confusion with an international Nigerian bank also named Mida. In 2001, Saxo Bank obtained a banking licence. During this period, the company expanded its online business and moved to new headquarters in the Copenhagen suburb of Gentofte.
Saxo Bank began expanding its products and services in Europe in the early 2000s. In 2001, the bank launched its first white-label product in partnership with a Portuguese securities dealer. By September 2004, Saxo had introduced its first U.S. white-label product, and in 2006, it established a regional hub in Singapore.
From Wikipedia’s article on Saxo Bank A/S, shared under CC BY-SA 4.0.2